Proposing a constitutional amendment authorizing the legislature to exempt from ad valorem taxation tangible personal property consisting of animal feed held by the owner of the property for sale at retail.
Impact
If passed, HJR99 would signify a shift in the state's tax policy concerning agricultural goods. The amendment allows the legislature to create specific regulations regarding the exemption, potentially leading to nuanced legislation that can address issues such as eligibility criteria for retailers. Moreover, this adjustment in the tax structure may bolster the agricultural sector by making it more competitive and enhancing the profitability of businesses selling animal feed, which could result in broader economic benefits across Texas.
Summary
HJR99 is a joint resolution proposing a constitutional amendment that authorizes the Texas legislature to exempt from ad valorem taxation tangible personal property, specifically animal feed, that is held by the owner for retail sale. This proposal is aimed at providing economic relief to retailers in the agricultural sector by reducing their tax burdens on essential inventory. By allowing this exemption, the bill seeks to support local businesses and stimulate the economy, particularly in communities reliant on agriculture and livestock operations.
Sentiment
The general sentiment surrounding HJR99 appears to be positive, especially amongst those supporting the agricultural community. Proponents argue that the tax exemption will alleviate financial strain on retailers and help maintain competitive pricing for essential products. However, there may be opposition from those concerned about the potential loss of tax revenue, as exemptions could lead to a decreased funding base for public services reliant on ad valorem tax income. Nevertheless, the majority support the bill as a necessary move to sustain local economies.
Contention
While there is widespread support for HJR99, some contention arises over the long-term implications of tax exemptions on public funding. Critics may express concerns about whether these exemptions could lead to significant revenue losses that might affect community services. Moreover, there may be discussions regarding the criteria for exemption and whether it could inadvertently lead to disparities among different types of retailers or the potential need for accountability measures to ensure that the intended benefits reach the right stakeholders.
Enabled by
Relating to an exemption from ad valorem taxation of tangible personal property consisting of animal feed held by the owner of the property for sale at retail.
Identical
Proposing a constitutional amendment authorizing the legislature to exempt from ad valorem taxation tangible personal property consisting of animal feed held by the owner of the property for sale at retail.
Proposing a constitutional amendment authorizing the legislature to exempt from ad valorem taxation tangible personal property consisting of animal feed held by the owner of the property for sale at retail.
Relating to an exemption from ad valorem taxation of tangible personal property consisting of animal feed held by the owner of the property for sale at retail.
Proposing a constitutional amendment to authorize the legislature to exempt from ad valorem taxation a percentage of the market value of the tangible personal property a person owns that consists of inventory held for sale at retail.
Proposing a constitutional amendment authorizing the legislature to exempt from ad valorem taxation income-producing tangible personal property having a value of less than a certain amount.
Proposing a constitutional amendment authorizing the legislature to exempt from ad valorem taxation income-producing tangible personal property having a value of less than a certain amount.
Proposing a constitutional amendment to authorize the legislature to exempt from ad valorem taxation a portion of the market value of tangible personal property a person owns that is held or used for the production of income.
Relating to an exemption from ad valorem taxation of a percentage of the appraised value of the tangible personal property a person owns that consists of inventory held for sale at retail.
Proposing a constitutional amendment to authorize the legislature to exempt from ad valorem taxation a portion of the market value of tangible personal property a person owns that is held or used for the production of income.